Hard to say if the land in Arizona had value as ag land but the development between Billings and Laurel and west of Billings is eleminating a lot of really good farms. On another subject, almost or all of the amonium nitrate fertilizers will be imported from Russia and other countries as the US producers of fertilizers resold their natural gas contracts.

Part of the reason that valuations are this high is the ridiculously low cost of credit. Once borrowing rates start to catch up to the general economy, the bottom will fall out of valuations nationwide.

When that happens, at least production land will decrease in price enough for it to stay in production.